[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

[Determined24]

Once I have the Tax section out I am can feel good as the US Law is not much different here.

[Reg_Slayer]

1)

for above-the-line adjustments learn the “I-EMBRACED-EHF” (from ROGER) or “IM DOPE ASS SHIT” (from this forum) mnemonics.
below the line is sch A itemized deductions “COMMITT” mnemonic from ROGER.

I would search this forum or google to find out what they stand for.

2.

phase-out means that for taxpayers with AGI above certain amounts, deductions and credits will start to get “phased-out” after certain thresholds. Basically IRS wants to help low income people more than high income people. Here is an example from a MCQ i was having trouble with where AGI was $113,000:

ninjaMCQ 1145
“In 2016, the phaseout of the IRA deduction for married taxpayers participating in another pension plan filing jointly exists for AGI between $98,000 and $118,000.

Since their AGI is halfway between $98,000 and $118,000, only half of the $11,000 is deductible.”

[Determined24]

@ Reg_Slayer

I just watched a Youtube video Roger posted on the Form 1040. he explained what the I-EMBRACED-EHF meaning and how the forms flow.

I wish I had his vids they seem they would help tie thinks into sense for me.

So for a “phase-out” is like a reduction of the normal amount you would be allowed ?

[Reg_Slayer]

yes, so somebody with a LARGE AGI might be allowed no deduction, while a person with SMALL AGI might be allowed the full deduction. In the question i posted above, the AGI was within the phase-out range, so only some of the deduction was phased out.

The main Phase-Out to remember is 2% AGI

coMmit = misc 2% = BIT:
business expense (unreimbursed
investment cost
taxprep/legal

DEDUCTIONS NOT SUBJECT TO AGI PHASEOUT= cOmmit = other misc = GIMC:
Gambling
Investment Interest Expense
Medical
Casualty

But be aware that PHASE-OUTS also exist for things like: Personal Exemptions, Section 179, ROTH IRAs, home mortgage interest, Child Tax Credit.

[Anonymous]

Hi All,

I use BECKER

R1 – Income Tax – Income
R2 – Individual Tax – Adjustments, Deductions and Credits
R3 – C and S corporation Taxation and Exempt Organizations
R4 – Property , Partnership and Estate and Gift Taxation
R5 – Professional Responsibilities and Securities regulation
R6 – Business Law 1
R7 – Business Law 2
R8 – Business Law 3

Can you guys please rank the chapters based on the difficulty level.

Also how many hours approximately needed to prepare for REG.

I passed BEC,FAR and AUD.I plan to take the REG exam sometime last week of November.

Thanks in advance ????

Senthil

[Determined24]

@Reg_Slayer

Nice Thank you.

[Anonymous]

Senthil, it's hard to rank the difficulty for someone else because it depends on how familiar you already are with the concepts and what you think is “hard” or “easy.” In my opinion the longest sections of each chapter are the hardest just because you have to focus longer. I plan to study about 120 hours total for REG.

[luisitotx]

After passing Bec I'm ready for REG. Can you tell me on average how much time is needed to prepare? I am wating for my NTS to schedule. I am planning to schedule it for mid November, so is 7 weeks enough? I am using rogers and plan to purchase Ninja MCQ

AUD-82
BEC-Sept 4
REG-TBD
FAR-TBD

[LonelyRonPaul]

Hey everyone. I currently have REG scheduled for 12/3 and it is my last section. I'm very excited about almost being finished and can't wait for December to come so I can get it over with! I'm feeling pretty confident on this section as I don't find taxes too bad and I retained a lot of info from BLAW. Hope everyone's studying goes well this quarter and good luck with REG!

FAR - 78, 5/7/16
AUD - 87, 7/16/16
BEC - 8/27/16
REG - 12/3/16

[jonm857]

Found this in a Becker sim on tax return filing dates… is this a typo??

“3. 4/15/Year 5
A claim for refund must be filed before the expiration of the statute of limitations, which is generally three years after the due date of the original return. Even though the corporation filed its return on 2/17/Year 2, the actual due date of the return for a calendar year corporate income tax return is 4/15/Year 2. Therefore, the statute of limitations expires after three years on 4/15/Year 5.”

Ummm what? I thought corporations filed on March 15.

B - 81
A - 87
R - 73
F - July 5th

[Reg_Slayer]

@jon:

NEW FOR x16!

RULES FOR FILING A FORM 1120
Due Date: 4/15 (formerly 3/15) – 5 month extension
calendar yr end

PARTNERSHIP TAXABLE YEAR
Due Date: 3/15 (formerly 4/15) – 6 month extension

[jonm857]

@Reg_Slayer

Ahhhhhh very well played, Sir. Very well played Sir, indeed…

B - 81
A - 87
R - 73
F - July 5th

[ChristieF]

So as I understand it now Corporate is 4 months after their year end and Parterships are 3 months? I just want to be sure I'm understanding that – I've been following the questions posed, but have not come across this just yet in the Ninja notes or MCQs yet.

[jonm857]

@Frostycpa

the link shows the differences in the return due dates for tax years 2015 and 2016. Hopefully this helps in addition to reg slayer's response.

https://www.tgccpa.com/wordpress/?p=543

B - 81
A - 87
R - 73
F - July 5th

[Lashifty]

I am doing Becker and the C-Corp section is so draining, esp with the AMT. I feel so overwhelmed with the 800+ amt rules.

Does anyone have a better way to break down all the different rules/exceptions for C-Corp AMT?

[Author]

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